Thread: Americans cut debt by $12 billion in August

Americans cut debt by $12 billion in August

For the seventh-straight month, Americans cut their outstanding debt in August by $12 billion, another sign that consumers are spending less and banks are tightening credit, the Federal Reserve just announced. Wall Street predicted a $10 billion decline.

Credit cards and other revolving debt accounted for most of the 5.8% drop.

Here are the numbers. ( http://www.federalreserve.gov/releases/g19/Current/ )

Posted by Michael Winter at 03:13 PM/ET, October 07, 2009 in Economy, Money

http://blogs.usatoday.com/ondeadline/20 ... ugust.html

And I can remember many boards and articles where foreigners (and our fellow Americans sometimes) insulted Americans, claiming that we were spendthrifts who wouldn't save and we were bad (even as they were manufacturing junk to sell us).

Now if we can just get Congress to follow the example of their employers--us!

I heard on Glenn Beck the other day that the reason our gov't is spending our money and making dollars like crazy is because they want to flood the market with doillars so that we go bankrupt and the dollar becomes obsolete. The big guys of course, have gold and other forms of money but the American people will be devastated and stuck with worthless dollars.

It was explained that the gov't would get itself out of debt in this way but I did not understand the particulars of this strategy. The result will be that the big guys ( obama and friends) will trhive but we will suffer.